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  • #21,761
  • Sep 14, 2023 5:41am Sep 14, 2023 5:41am
Quoting DeltaCapital
{quote} Regulators probably gonna suck those funds in fines
I doubt they will fine 100m the max I think for the case is 6m
  • #21,762
  • Sep 14, 2023 5:56am Sep 14, 2023 5:56am
Quoting Takisd
{quote} I doubt they will fine 100m the max I think for the case is 6m
The case is...bankruptcy. RIP MFF. And that is very good for industry.
  • #21,763
  • Sep 14, 2023 6:24am Sep 14, 2023 6:24am
Quoting Tim_isoara
{quote} The case is...bankruptcy. RIP MFF. And that is very good for industry.
The industry is better off without companies like Funded Talent, The Prop Trading, Blueforex or First Class. It won't be better without MFF because:
1. Whatever they did behind curtains is way much better than what the others are doing (not knowing is not the same than not existing)
2. Despite they were giant compared with others, they were the paying without many cases about denied payouts based in IPs matching, reverse trading, KYC inconsistencies, gambling behavior, risk profile, etc.

I wish the industry was much more of MFF, even with all we see in the case, and much less of other props (not going to mention who, otherwise someone will say I'm being paid by someone to blame someone; but we all know who the con artists are as most of them were already mentioned in this topic).
  • #21,764
  • Sep 14, 2023 6:39am Sep 14, 2023 6:39am
Quoting Capablanca
Also, if MFF is found not guilty I doubt that they want to come back recharging people for what happened months ago.

Strictly speaking, Capa, nobody can be "found not guilty" or indeed "found guilty" of anything here, because these are not criminal proceedings (it's possible, at least in theory, that those might follow, but that's really looking a long way into the future!).


Quoting DeltaCapital
{quote} Regulators probably gonna suck those funds in fines

You have no idea what you're talking about (both just above and in many other posts you've made).

Regulators have the jurisdiction to fine only businesses that they regulate. Duh ...

MFF is unregulated.

Courts have, of course, the jurisdiction to impose fines for criminal wrongdoing, but again, that is not what these proceedings are about.

Most of the online chat, in forums and on social media, is really quite extraordinarily ill-informed about what's happening - even by web gossip standards!
  • #21,765
  • Sep 14, 2023 7:10am Sep 14, 2023 7:10am
Quoting KarlKraus
{quote} Strictly speaking, Capa, nobody can be "found not guilty" or indeed "found guilty" of anything here, because these are not criminal proceedings (it's possible, at least in theory, that those might follow, but that's really looking a long way into the future!). {quote} You have no idea what you're talking about (both just above and in many other posts you've made). Regulators have the jurisdiction to fine only businesses that they regulate. Duh ... MFF is unregulated. Courts have, of course, the jurisdiction to impose fines for criminal wrongdoing,...
Are you sure? Because the CFTC have requested a jury for the trial.
  • #21,766
  • Sep 14, 2023 7:14am Sep 14, 2023 7:14am
Quoting KarlKraus
{quote} Strictly speaking, Capa, nobody can be "found not guilty" or indeed "found guilty" of anything here, because these are not criminal proceedings (it's possible, at least in theory, that those might follow, but that's really looking a long way into the future!). {quote} You have no idea what you're talking about (both just above and in many other posts you've made). Regulators have the jurisdiction to fine only businesses that they regulate. Duh ... MFF is unregulated. Courts have, of course, the jurisdiction to impose fines for criminal wrongdoing,...
Sorry for not speaking like a lawyer or as someone with a deep knowledge about law. You have to give me a discount, the same way we give discount to people that talk to us about trading without the very precise terms.

When I say guilty or not guilty it's not on criminal perspective. Is about what they are being accused of.
  • #21,767
  • Sep 14, 2023 7:19am Sep 14, 2023 7:19am
Quoting KarlKraus
{quote} Strictly speaking, Capa, nobody can be "found not guilty" or indeed "found guilty" of anything here, because these are not criminal proceedings (it's possible, at least in theory, that those might follow, but that's really looking a long way into the future!). {quote} You have no idea what you're talking about (both just above and in many other posts you've made). Regulators have the jurisdiction to fine only businesses that they regulate. Duh ... MFF is unregulated. Courts have, of course, the jurisdiction to impose fines for criminal wrongdoing,...
This was just a comment i posted, this is a forum for everyone to discuss what they want and we dont need to know what we talking about, a forum is just for that to discuss and learn from others Mrs. Knows Everything.
  • #21,768
  • Sep 14, 2023 7:44am Sep 14, 2023 7:44am
Quoting Capablanca
{quote} The industry is better off without companies like Funded Talent, The Prop Trading, Blueforex or First Class. It won't be better without MFF because: 1. Whatever they did behind curtains is way much better than what the others are doing (not knowing is not the same than not existing) 2. Despite they were giant compared with others, they were the paying without many cases about denied payouts based in IPs matching, reverse trading, KYC inconsistencies, gambling behavior, risk profile, etc. I wish the industry was much more of MFF, even with...
1. They steal.
2. They don't want to pay
3. They don't want traders.
4. They was giant because, they was cheaper because they want fee not traders.
5. They are a ponzi scheme.
6.All prop firm like MFF or worse is good to be punished by regulators.
7. This is a lesson for all prop firm.
  • #21,769
  • Sep 14, 2023 7:45am Sep 14, 2023 7:45am
Quoting Capablanca
{quote} The industry is better off without companies like Funded Talent, The Prop Trading, Blueforex or First Class. It won't be better without MFF because: 1. Whatever they did behind curtains is way much better than what the others are doing (not knowing is not the same than not existing) 2. Despite they were giant compared with others, they were the paying without many cases about denied payouts based in IPs matching, reverse trading, KYC inconsistencies, gambling behavior, risk profile, etc. I wish the industry was much more of MFF, even with...
1. They steal.
2. They don't want to pay
3. They don't want traders.
4. They was giant because, they was cheaper because they want fee not traders.
5. They are a ponzi scheme.
6.All prop firm like MFF or worse is good to be punished by regulators.
7. This is a lesson for all prop firm.
  • #21,770
  • Sep 14, 2023 7:48am Sep 14, 2023 7:48am
Quoting Tim_isoara
{quote} 1. They steal. 2. They don't want to pay 3. They don't want traders. 4. They was giant because, they was cheaper because they want fee not traders. 5. They are a ponzi scheme. 6.All prop firm like MFF or worse is good to be punished by regulators. 7. This is a lesson for all prop firm.
Bro what they do(MFF), regulated brokers in UK and EU do, they even offer better conditions than real market conditions, so all slippage controls ect is just to take advantage of the brokers and firms
  • #21,771
  • Sep 14, 2023 7:50am Sep 14, 2023 7:50am
Quoting Tim_isoara
{quote} 1. They steal. 2. They don't want to pay 3. They don't want traders. 4. They was giant because, they was cheaper because they want fee not traders. 5. They are a ponzi scheme. 6.All prop firm like MFF or worse is good to be punished by regulators. 7. This is a lesson for all prop firm.
Even most brokers B Book traders because is most profitable since 70%+ lose, are you gonna call them ponzi scheme too?
  • #21,772
  • Sep 14, 2023 7:51am Sep 14, 2023 7:51am
Quoting DeltaCapital
{quote} Bro what they do(MFF), regulated brokers in UK and EU do, they even offer better conditions than real market conditions, so all slippage controls ect is just to take advantage of the brokers and firms
Save your breath. There are some people who don't like conversation just like to be contrarian, best just stick them on ignore.
  • #21,773
  • Sep 14, 2023 8:06am Sep 14, 2023 8:06am
Quoting Tim_isoara
{quote} 1. They steal. 2. They don't want to pay 3. They don't want traders. 4. They was giant because, they was cheaper because they want fee not traders. 5. They are a ponzi scheme. 6.All prop firm like MFF or worse is good to be punished by regulators. 7. This is a lesson for all prop firm.
1. They offered much better trading conditions than a normal broker
2. They had a long record of payouts without excuses
3. They allowed wannabe traders to make money trading (even if that was a videogame)
4. Being the cheaper and having the best conditions is something good, not something bad. Even being cheaper they were the best.
5. They were not a ponzi scheme. It was a sustainable business (300M fees received allowed to cover less than 200M of payouts + operational costs)
6. All props do the same than MFF or worse. You are advocating the ban of almost all online prop industry
7. This is a lesson for all prop firms AND for all naïves that were thinking that they were trading real money. Only a lunatic thought that could pay 400 ou 500 bucks, pass challenges in 2 hours with 1 big trade and receive an account of 100K with real money.
  • #21,774
  • Edited 8:41am Sep 14, 2023 8:28am | Edited 8:41am
Quoting Capablanca
{quote} 1. They offered much better trading conditions than a normal broker 2. They had a long record of payouts without excuses 3. They allowed wannabe traders to make money trading (even if that was a videogame) 4. Being the cheaper and having the best conditions is something good, not something bad. Even being cheaper they were the best. 5. They were not a ponzi scheme. It was a sustainable business (300M fees received allowed to cover less than 200M of payouts + operational costs) 6. All props do the same than MFF or worse. You are advocating...
Lets be honest they became so big. Because they were the best there was. Even if some "rumors" about how they cancelled accounts. The fact remains they were the best. Now everyone must scrape the bottom of the barrel of whats even close of the prop firms.
Still just like the rest of the prop firms they werent totally upfront how it works.

Even so they werent perfect. I did a research prior to this scandal based on which prop firms are the most sincere from their marketing methods alone even futures prop firms were included. MFF was removed very quickly from that list.
The ones who remained as sincere were just a handful Earn2Trade, FTMO and some other. Who used the least devious marketing methods to suck in the last coins from indian boys and similar countries.
  • #21,775
  • Sep 14, 2023 8:37am Sep 14, 2023 8:37am
Quick update on FXIFY payouts.

I was directed to a google form (similar to the one that The Prop Trading had for payouts) where I could request the payout through Wire, Wise, Paypal or crypto.
I chose crypto USDT (if I remember well only ERC20 available) and already received it. Took a day and a couple of hours because when I requested the payout they had not issued the memorandum about Deel. So I had to go through live support and they sent me an email directing me to the form.

Anyway, not bad at all knowing that they had to quickly react to all this mess and create an alternative way of payment that they didn't have in place before.

From marketing perspective I have seen FXIFY mods several times in telegram positioning themselves as "the firm paying quicker". So far that's what I have been experiencing. I hope they resist to all this.
  • #21,776
  • Sep 14, 2023 8:42am Sep 14, 2023 8:42am
Quoting labu
{quote} Lets be honest they became so big. Because they were the best there was. Even if some "rumors" about how they cancelled accounts. The fact remains they were the best. Now everyone must scrape the bottom of the barrel of whats even close of the prop firms. Still just like the rest of the prop firms they werent totally upfront how it works. Even so they werent perfect. I did a research prior to this scandal based on which prop firms are the most sincere from their marketing methods alone even futures prop firms were included. MFF was removed...
Regarding marketing not really sure how they were much worse. One see all props and the premise is always the same. Pass the challenge and become a trader or receive a funded account or join us as our trader or something similar. It's all fake anyway, we know. It's a videogame industry, not a trading industry.
So, is there really a great difference ? (I'm just talking about the forex ones - I don't pay attention to the futures one like E2T or Top Step any longer)

The only ones being more "honest" these days are those that now changed to stuff like simulated account, simulated profits, simulated trading days and all that.
  • #21,777
  • Sep 14, 2023 9:13am Sep 14, 2023 9:13am
Quoting Capablanca
{quote} Regarding marketing not really sure how they were much worse. One see all props and the premise is always the same. Pass the challenge and become a trader or receive a funded account or join us as our trader or something similar. It's all fake anyway, we know. It's a videogame industry, not a trading industry. So, is there really a great difference ? (I'm just talking about the forex ones - I don't pay attention to the futures one like E2T or Top Step any longer) The only ones being more "honest" these days are those that now changed...
I havent looked into whos changed their info to simulated profits etc after the scandal. But those who did I would flag them as risky ones at this point and devious if they changed it some days afterwards and not prior to the scandal. Since they arent sincere anyhow right and honest, just because they got a little scared they changed it to simulated.
When I looked into the marketing methods there was quite a huge difference between those who are big established "old" sincere and how new comers like MFF was in marketing methods. But sure. The only difference was that the bigger older prop firms had a lot less frequency of those devious marketing methods and often no trace of such even.
  • #21,778
  • Sep 14, 2023 9:17am Sep 14, 2023 9:17am
Quoting Capablanca
{quote} 1. They offered much better trading conditions than a normal broker 2. They had a long record of payouts without excuses 3. They allowed wannabe traders to make money trading (even if that was a videogame) 4. Being the cheaper and having the best conditions is something good, not something bad. Even being cheaper they were the best. 5. They were not a ponzi scheme. It was a sustainable business (300M fees received allowed to cover less than 200M of payouts + operational costs) 6. All props do the same than MFF or worse. You are advocating...
And this is exactly why CFTC wants them out. They want this money in their system so that big institutions can keep clearing retails stops on futures by rigging the bid/ask of the underlying asset.

They won't allow us to have a closed system. Each prop is basically that, a closed videogame system that offers better conditions than they do.
  • #21,779
  • Sep 14, 2023 9:23am Sep 14, 2023 9:23am
Quoting labu
{quote} I havent looked into whos changed their info to simulated profits etc after the scandal. But those who did I would flag them as risky ones at this point and devious if they changed it some days afterwards and not prior to the scandal. Since they arent sincere anyhow right and honest, just because they got a little scared they changed it to simulated. When I looked into the marketing methods there was quite a huge difference between those who are big established "old" sincere and how new comers like MFF was in marketing methods. But sure....
compared to ANY of the 8cap/thinkmarkets/ava etc ones, they were freakin angels.
  • #21,780
  • Edited 10:58am Sep 14, 2023 9:23am | Edited 10:58am
Quoting Capablanca
Quick update on FXIFY payouts. I was directed to a google form (similar to the one that The Prop Trading had for payouts) where I could request the payout through Wire, Wise, Paypal or crypto. I chose crypto USDT (if I remember well only ERC20 available) and already received it. Took a day and a couple of hours because when I requested the payout they had not issued the memorandum about Deel. So I had to go through live support and they sent me an email directing me to the form. Anyway, not bad at all knowing that they had to quickly react to all...
FXIFY is on the move.... they entered the top 6 in prop webtraffic in Aug... too bad their leverage on Indices is terrible
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